China's first online-only insurer, ZhongAn, has set a current target of 100 million customers for its health insurance product, called Zunxiangesheng.
Launched in August last year, the product has already attracted 310,000 policyholders, reported Reuters citing Ms Liu Haijiao, the company's Health Insurance Business General Manager. The product is a mid-range medical insurance offering bought mainly by those aged 20-50 who pay premiums of CNY300 (US$43.70) to CNY400 each annually for coverage of up to CNY2 million.
ZhongAn has already pushed out an enhanced version of this plan, offering coverage of up to CNY6 million, including cancer treatment.
At present, there are around 10 insurers in the country which are marketing mid-range medical insurance products.
According to CIRC data, medical insurance business soared by 67.7% last year to reach CNY404.25 billion in gross premiums.
Apart from Zunxiangesheng, ZhongAn offers other medical insurance products which cover gene testing, cosmetic treatment and dental treatment.